Average Housing prices in Mumbai Metropolitan Region climb 24%
Press Trust of India
New Delhi: Housing prices in both Delhi-NCR and Bengaluru witnessed a 29% year-on-year increase in the July-September quarter, driven by robust demand, rising input costs, and a higher supply of luxury homes, according to data from Anarock.
The real estate consultancy firm, Anarock, revealed that the average price of residential properties in Delhi-NCR grew by 29%, reaching ₹7,200 per square foot during the July-September period, compared to ₹5,570 per square foot in the same period last year.
In Bengaluru, prices also increased by 29%, rising to ₹8,100 per square foot in the third quarter of this year from ₹6,275 per square foot in the corresponding period the previous year.
Hyderabad recorded the highest increase, with prices climbing 32% to ₹7,150 from ₹5,400 per square foot.
The Mumbai Metropolitan Region (MMR) saw average housing prices increase by 24%, reaching ₹13,150 per square foot.
Pune registered a 16% hike in prices to ₹6,550 per square foot, while Kolkata experienced a 16% appreciation to ₹7,600 per square foot. Chennai's housing prices rose 12%, reaching ₹6,680 from ₹5,000 per square foot in the year-ago period.
In Kolkata, average housing prices grew 14%, reaching ₹5,000 per square foot during the July-September quarter, compared to ₹4,400 in the corresponding period last year.
Darshan Darji, Director at Bengaluru-based real estate firm Vaishnavi Group, commented, "The consistent increase in residential property prices is reflective of a trend observed in the last few quarters. This is primarily due to rising input costs, including land acquisition and construction costs, along with the growing presence of premium and luxury properties in the overall sales mix."
"This is pushing up median housing prices in Bengaluru, aligning with the price increases seen across other cities," he added.
Angad Bedi, CMD of BCD Group, attributed the price growth to factors like infrastructure development, strong economic activity, and growing demand for premium housing.
